Why Minister wants CBN to buy up gold off from local producers’
Challenges experienced by indigenous gold miners in securing genuine international markets for their products are now compelling the Minister of Mines and Steel Development, Olamilekan Adegbite, to approach Central Bank of Nigeria (CBN) in buying up the gold off the miners.
He revealed in an interview with media executives in Abuja that the policy idea is to save the investments of the local players in the industry by brining in the apex bank to buy the product at prevailing international price.
He added that part of the policy targets will include saving indigenous miners from the incidence of under-pricing being experienced by miners, with some quantities kept in the reserve.
In his submission, “Ahead of the policy take-off, the Ministry has issued two licences for Gold mining in Ogun and Abuja, to mitigate illegal trading of the product.”
“The Ministry was mulling the formation of a one-stop shop agency similar to the Department of Petroleum Resources (DPR) under the Ministry of Petroleum Resources, to address regulatory concerns and licensing issues in the minerals sector.
Furthermore, he said the Ministry was mulling the formation of a one-stop shop agency similar to the Department of Petroleum Resources (DPR) under the Ministry of Petroleum Resources, to address regulatory concerns and licensing issues in the minerals sector.
